TD Cowen's top analyst John Blackledge previewed the Q2 fiscal 2025 performance of Snap and Pinterest. The Q2 Ad Check survey revealed stronger demand for Pinterest compared to Snapchat, leading to a 'Buy' rating for PINS and a 'Hold' for SNAP. Both companies benefit from uncertainties surrounding TikTok and leadership changes at rival platforms. Blackledge raised revenue estimates and price targets, increasing PINS from $40 to $43 and SNAP from $9 to $10. Pinterest is expected to grow its revenues by 14.6% year-over-year to $977.9 million, boosted by improved advertising tools and demand.
Blackledge expects Pinterest's revenues to grow 14.6% year-over-year to $977.9 million, driven by improved monetization and a growing contribution from the company's new Performance+ advertising tools.
The firm's Q2 Ad Check survey indicates stronger demand momentum for Pinterest compared to Snapchat, resulting in a 'Buy' rating on PINS and a 'Hold' rating on SNAP.
Blackledge increased the PINS price target from $40 to $43, implying 19.5% upside potential, while lifting SNAP's target from $9 to $10, representing 4.8% upside potential.
Both platforms are benefiting from uncertainty over TikTok's operations in the U.S. and leadership issues at rival platform X, which is helping to drive advertising demand.
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